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Cares Act Employee Retention Credit Receivable
12 Months Ended
Dec. 31, 2023
Cares Act Employee Retention Credit Receivable  
Cares Act Employee Retention Credit Receivable

14. Cares Act Employee Retention Credit Receivable

 

Interest and other income in 2022 include $2.0 million, net of fees resulting from ERC claimed on amended IRS quarterly federal tax returns (“941s”). The ERC was established by the Coronavirus Aid, Relief and Economic Security Act (“Cares Act”). The Cares Act allows relief to business affected by the coronavirus pandemic, by providing payments to employers for qualified wages. The Company amended 941s for the periods from April 1, 2020, to September 31, 2021. On December 31, 2022, the Company had $1.4 million in receivables remaining outstanding included in prepaid expenses and other assets. The remaining $1.4 million was received in March 2023.